Matel PC Market

The Moroccan telecom and PC distributor, Matel, saw sales grow 3% last year. Despite this, it managed to translate the modest growth into a 26% increase in first half profit. Unfortunately, the stock market has been unimpressed so far, taking the stock down 31% year to date. That may be due to the tax investigation prior to Matel's merger with PC Market. Hopefully, when that is out of the way the fundamentals will re-assert themselves.